Latest news with #Storonsky
Extra.ie
25-04-2025
- Business
- Extra.ie
Revolut could be offering mortgages in Ireland sooner than you think
Revolut may begin offering mortgages to Irish people as soon as this autumn. The banking app, which boasts over 3 million users in Ireland alone, was rumoured to be starting a mortgage service last year — with them beginning market testing in Lithuania, where they have their Eurozone Banking Licence. It is now expected that Revolut will soft-launch mortgages in Ireland as soon as the third quarter of the year for testing, before being launched altogether toward the end of 2025. Revolut may begin offering mortgages to Irish people as soon as this autumn. Pic: JarTee/Shutterstock 'I'd say it'll probably be Q3 for the testing and Q4 for the launch in Ireland,' Revolut Chief Executive Joe Heneghan told the Irish Times, adding that while they initially expected it being launched in the second quarter of this year that he 'wouldn't say there has been any surprise in the process.' The banking app is expected to offer home loans directly through their app and supported by staff over the phone, but may in the future 'explore' using brokers, which are used in around 47% of mortgages being written in the country. With the aim of becoming a one-stop shop for financial services worldwide, Revolut has been working towards a strong rivalry with traditional banks for some time, now, as the banking company goes beyond its current offerings of payment services, crypto and stock trading as well as savings accounts. Revolut have been testing the waters for mortgages in Lithuania, and may launch them in Ireland later this year. Pic: Shutterstock The company's founders, Nikolay Storonsky and Vlad Yatsenko, broached the idea of offering mortgages as early as 2022, where they said that they planned on offering '100% digital mortgages in the near future.' 'We will definitely do mortgages for consumers,' Mr Storonsky said. 'Because when I look at all the mortgage processes, it can take one to two months. At best, it's seven days. It's all quite 'legacy.' Outlining how the Revolut mortgage model could work, Storonsky explained: 'It could be one of two models, or a combination.' Pic: Revolut 'The first one is a mortgage financed by us as a bank. Or it could be like a mortgage introduction. Ultimately, what we want to build is a frictionless experience that is 100% digital so that within the app, you apply for the mortgage, select the house that you want to buy and then be emailed at the same time.' 'Everything would be instant and automated.'
Forbes
24-04-2025
- Business
- Forbes
Revolut's Profit More Than Doubles To $1.4 Billion While Adding Millions Of New Users
Vlad Yatsenko (L) and Nik Storonsky take part in a keynote speech during an event in London on ... More November 22, 2024. (Photo by BENJAMIN CREMEL / AFP) (Photo by BENJAMIN CREMEL/AFP via Getty Images) Nik Storonsky, the billionaire cofounder and CEO of Revolut, said his London-based fintech had a 'landmark year' in 2024 as its profit surged 148% and its customer base jumped to 52.5 million users. 'We not only accelerated our customer growth, welcoming nearly 15 million new users globally, but critically, we also saw customers engaging more deeply by adopting a wider range of our services,' Storonsky said. That engagement boosted Revolut's pretax profit to $1.4 billion, its fourth consecutive year of profitability since the firm was founded in 2015. The fintech's annual report published Thursday also showed that its revenue rose to $4 billion, a 72% jump from the previous year. Revolut's largest contributor to its topline last year was the $1 billion of interest it earned on deposits, which was 58% more than it had accrued in 2023. The fees it charged for card payments wasn't far behind, accounting for $887 million of the fintech's turnover last year. Revolut's wealth business was its fastest growing division last year, posting a 298% surge in revenues to $647 million as more of its customers used the platform for crypto trading. "This performance earned us the status of Europe's most valuable private technology company, reflecting the confidence of existing and new investors in our trajectory. But we're just getting started,' Storonsky said. The fintech's billionaire cofounder said Revolut is making 'strong progress' towards its target of serving 100 million customers across 100 countries. Revolut's report also revealed that Storonsky had increased his stake in the fintech during a reorganization of its ownership structure in April. He now owns, directly or indirectly, more than 25% of Revolut. The fintech's valuation reached $45 billion in a secondary share sale last year that attracted investments from Coatue, Durable Capital Partners, Dragoneer, Fidelity, Baillie Gifford, Goldman Sachs Alternatives, D1 Capital Partners, Mubadala and Affinity Partners. Just three years earlier, Revolut had been valued at $33 billion. The Prudential Regulation Authority granted Revolut a U.K. banking license with restrictions in July last year, and the fintech said Thursday that it's prioritizing the formal launch of its U.K. bank this year. The license means Revolut will be able to hold customer deposits, and offer lending products such as credit cards, personal loans, or mortgages. Revolut was cofounded by Storonsky and Vlad Yatsenko in 2015 as a digital payments and money transfer business. The duo had both worked for various investment banks before launching their venture at the Level39 tech accelerator in Canary Wharf. Revolut has grown to become the most downloaded finance app in Europe, ranking first in 19 countries and in the top three in 26 countries across the continent. It now employs 10,133 staff, handling 940 million transactions a month. Revolut's rapid growth and ambitious expansion plans has been fueling speculation in recent years over the possibility of a public listing in London or New York, but the fintech declined to provide any updates in its report. A spokesperson for Revolut said, "Our focus is not on if or when we IPO, but on continuing to expand the business, building new products, and providing better and cheaper services to serve our growing global customer base."
Irish Independent
24-04-2025
- Business
- Irish Independent
Revolut's revenue surged to £3.1bn last year
The company's customer base grew by 38pc globally last year to reach 52.5 million by the end of 2024, Revolut said. This meant it overtook HSBC, which had 41 million customers last year according to the bank's annual report. London-based Revolut said interest income grew to £790m last year from £500m in 2023, as more customers used the platform for savings and deposits. The company also offers foreign exchange, crypto and other trading services. 'We not only accelerated our customer growth, welcoming nearly 15 million new users globally, but critically, we also saw customers engaging more deeply by adopting a wider range of our services,' CEO Nik Storonsky said in the statement. The company aims to expand further in the coming year as it prepares to complete its mobilisation phase to become a fully-fledged bank in the UK. The firm expects to have 200 UK bank staff by year end, Bloomberg News previously reported. Revolut will launch its Mexican bank in the coming months, recently received its Prepaid Payment Instruments (PPI) licence from India's central bank, and has 10 other licence applications underway around the world. 'We're making strong progress towards 100 million daily active customers across 100 countries,' Mr Storonsky said. The accounts confirmed 2,200 current and former employees participated in the company's secondary share sale last year, allowing them to liquidate a portion of their vested equity. The event gave the firm a $45bn valuation. Revolut confirmed its new backers include Coatue, Baillie Gifford, Goldman Sachs Alternatives, Mubadala and Affinity Partners. Auditor BDO signed off the accounts, without any of the caveats that had dogged Revolut in previous years. Revolut reported a record pre-tax profit of £1.1bn, climbing from £438m. Combined credit losses in lending and non-lending products grew slightly to £51m from £46.6m.
Irish Independent
24-04-2025
- Business
- Irish Independent
Revolut revenue's surged to £3.1bn last year
The company's customer base grew by 38pc globally last year to reach 52.5 million by the end of 2024, Revolut said Thursday. This meant it overtook HSBC, which had 41 million customers last year according to the bank's annual report. London-based Revolut said interest income grew to £790m last year from £500m in 2023, as more customers used the platform for savings and deposits. The company also offers foreign exchange, crypto and other trading services. "We not only accelerated our customer growth, welcoming nearly 15 million new users globally, but critically, we also saw customers engaging more deeply by adopting a wider range of our services," Chief Executive Officer Nik Storonsky said in the statement. The company aims to expand further in the coming year as it prepares to complete its mobilization phase to become a fully-fledged bank in the UK. The firm expects to have 200 UK bank staff by year end, Bloomberg News previously reported. Revolut will launch its Mexican bank in the coming months, recently received its Prepaid Payment Instruments (PPI) license from India's central bank, and has 10 other license applications underway around the world. "We're making strong progress towards 100 million daily active customers across 100 countries," Storonsky said. The accounts confirmed 2,200 current and former employees participated in the company's secondary share sale last year, allowing them to liquidate a portion of their vested equity. The event gave the firm a $45bn valuation. Revolut confirmed its new backers include Coatue, Baillie Gifford, Goldman Sachs Alternatives, Mubadala and Affinity Partners. Auditor BDO signed off the accounts, without any of the caveats that had dogged Revolut in previous years. Revolut reported a record pretax profit of £1.1bn, climbing from £438m. Combined credit losses in lending and non-lending products grew slightly to £51m from £46.6m.
CNA
24-04-2025
- Business
- CNA
Revolut profits soars on crypto boom as CEO lifts stake
LONDON :Revolut's pretax profit surged 149 per cent last year to 1.1 billion pounds ($1.46 billion) as the financial technology firm rode a wave in crypto trading and earned more from interest rates and card fees, the company said on Thursday. Revenue at the London-based fintech rose to 3.1 billion pounds, up from 1.8 billion pounds in 2023, it said, driven by income from interest on the back of higher rates, card payments and the company's "Wealth" segment, which includes trading and crypto products. Its pretax profit was more than double the 438 million pounds in 2023. Revolut has emerged as the most successful of the handful of European fintechs founded in the past decade with a digital-only model. It was valued at $45 billion last year, rivalling big European lenders, and it has plans to expand into mortgages and consumer lending to challenge high street lenders, as well as growing in the United States. The valuation followed it securing a UK banking licence, ending a three-year wait after running into difficulty following scrutiny over its internal accounting. Revolut said on Thursday it expected to start operating as a UK bank this year. In its annual report, Revolut also said its CEO and co-founder, Nikolay Storonsky, increased his ownership in April 2025 by acquiring an "indirect, non-voting interest" in the company during a reorganisation of its ownership structure. Storonsky now owns, directly or indirectly, more than 25 per cent of Revolut, the report said, without disclosing what he owned previously. Revenues in its "Wealth" business grew 300 per cent year-on-year, driven by increased crypto trading activity and the launch of Revolut's crypto exchange. Revolut chief financial officer Victor Stinga declined to comment on how much of the Wealth revenues came from crypto. "Market volatility drives activity and this was the case across all asset classes," he told Reuters. The company has previously signalled its intention to do a public listing, but Stinga declined to comment on Thursday on the timeline for a possible IPO. Customer numbers grew to 52.5 million, up from 38 million in 2023, and business customers made up 15 per cent of the company's revenue. Revolut remains small for customer lending, reporting 979 million pounds of customer loans on its balance sheet in 2024, up from 528 million the year before. The company also said it was investing heavily in protecting customers from fraud and scams. That follows several media reports last year which said Revolut was named in more cases of fraud than any of the major UK high street banks. Revolut has said social media platforms remain the biggest source of scams reported to it, and has called for them to commit to reimbursing victims. "Revolut remains poised for exponential growth," CEO Storonsky said. ($1 = 0.7518 pounds)
